What are ALTcoins and how can I buy them. How do they work?
Basically what ALTcoins stands for is alternative cryptocurrencies.
You currently need Etherum or Bitcoin to be able to buy them. The value of ALTcoins is therefore like all other cryptocurrencies based on a currency pair.
I will use Bitcoin as an example. (Etherum is usually faster than Bitcoin but I will still use Bitcoin in the example because most people have heard about it)
What you do is see the value between two currencies. BTC/EUR, XRP/BTC, XRP/USD, LTC/ETH etc.
BTC - Bitcoin
ETH - Etherum
XRP - Ripple
LTC - Litecoin
For BTC/USD it means, how much is BTC worth against US dollars. If the value is $13000 then that is what 1 BTC is worth.
There are more than 1000 ALTcoins out there and we choose these to just explain how it works. Most of which have had Initial Coin Offerings connected to the
So, you have EUR or USD. Go on a Exchange and Deposit money. (This process will take 2-6 days)
Now see the value of for example Bitcoin - say that it is $13000 - If you deposited $5000 you will get
$5000 / $13000 = 0.38461538 BTC
This will be added to a BTC wallet (address) much like a accountnumber. The accountnumber will be a bunch of letters in capital and noncapital letters and numbers. They look something like this:
Now you can move your Bitcoin to a ALTcoin exchange like, Bittrex, Binance, Bitfinex etc.
You open an account and create a BTC wallet (click on deposit), now you will have another account number that is another random number and letters.
To move money from the first exchange to the other you will click on withdrawal, choose BTC and add the amount. In address you will put the new exchange wallet address in this case:
Your BTC is located at:
Your withdrawal address should be:
This can take time because the address will need to be verified by miners. Usually it takes about an hour before the BTC has been moved.
DISCLAIMER: DOUBLE, TRIPPLECHECK Your address before SENDING!!!!!!!
At the new exchange you will see a lot of new ALTcoins.
And you will find what every ALTcoin cost based on BTC.
Make sure you also keep track of BTC/USD or BTC/EUR based on the currency you purschased. Your ALTcoin might go up where your BTC are going down in value for EUR or USD, this means that you will get more BTC when you sell your ALTcoins but the EUR or USD value might be less than you purschaed for. This is very difficult to explain in words but you will figure this out quite quickly.
You are DONE!